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June 2024: China Monthly Tax Updates

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On June 6, 2024, China’s State Council released the Fair Competition Review Regulations to promote fair competition in the market. The regulations prevent local governments from offering incentives without approval, impacting foreign investors. Shanghai introduced new temporary import repair tax policies in the free trade zone.


On June 6, 2024, the State Council released the final version of the Fair Competition Review Regulations (the “Regulations), in an effort to “unify the domestic environment” and level the playing field between state-owned and private companies.

The regulations, which are based on China’s Anti-Monopoly Law, will require administrative authorities to conduct fair competition reviews when drafting laws, administrative regulations, local regulations, rules, normative documents, and policy measures (hereinafter collectively referred to as policy measures), to ensure that they do not unfairly favor certain market entities.

Among others, the Regulations specially mentioned that without a legal or administrative regulatory basis or State Council approval, local policies also cannot include the following content that affects production and business costs:

Local governments often promise various incentives during investment attraction processes. However, the restrictions on local governments from offering preferential treatments, such as tax incentives or subsidies, without proper legal or administrative approval can significantly impact foreign investors. Foreign investors must be vigilant during negotiations with local governments, understanding that any promises of special tax breaks, subsidies, or other financial incentives may not hold up if they violate fair competition regulations. Investors are advised to conduct necessary due diligence to protect their legitimate rights and interests.

For more information about the Fair Competition Review Regulations, please read here.

Five departments of Shanghai have jointly issued a notice titled Regarding Temporary Import Repair Tax Policies in the China (Shanghai) Free Trade Zone, effective from June 27, 2024. or

This article is republished from China Briefing. Read the rest of the original article.

China Briefing is written and produced by Dezan Shira & Associates. The practice assists foreign investors into China and has done since 1992 through offices in Beijing, Tianjin, Dalian, Qingdao, Shanghai, Hangzhou, Ningbo, Suzhou, Guangzhou, Dongguan, Zhongshan, Shenzhen, and Hong Kong. Please contact the firm for assistance in China at china@dezshira.com.

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China’s Travel Surge: Expanded Visa Exemptions Enhance Tourism and Business Prospects, Improving Access for Travelers and Strengthening Global Connectivity – Travel And Tour World

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China has improved travel access by expanding visa exemptions, attracting millions of international visitors and fostering cultural exchanges, while enhancing global connectivity and positively shifting perceptions of the country.


The Shift in China’s Travel Landscape

China is experiencing a travel boom driven by a significant reduction in visa restrictions. Starting December 1, 2023, travelers from 38 countries, including major European nations, can visit visa-free for up to 30 days. This change reflects China’s commitment to enhance global mobility and revitalize its tourism industry post-pandemic. As a result, international arrivals increased to over 8.1 million by the third quarter of 2024, marking a 48.8% rise from the previous year.

Exploring Beyond Traditional Destinations

The new access has prompted travelers to seek immersive experiences, venturing beyond iconic sites like the Forbidden City. Tourists increasingly explore local cultures and markets, enhancing their understanding of daily life in China. Guides have adapted, offering tours that include cultural hotspots and local culinary experiences, thereby enriching the overall visitor journey and promoting authentic engagement.

Broader Implications for Global Connectivity

China’s visa-free initiatives foster greater international connectivity and cooperation in trade. As foreign travelers find it easier to engage with Chinese businesses, reciprocal visa easings may follow globally. The improved perceptions of safety and hospitality, highlighted through social media, contribute to a renewed interest in China’s diverse cultural landscape and its potential as a primary travel destination.

Source : China’s Travel Boom Expanded Visa Exemptions Boost Tourism and Business Opportunities, Easing Access for Travelers and Strengthening Global Connectivity – Travel And Tour World

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China

China-Denmark Trade and Investment: Key Developments and Emerging Opportunities

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China’s investments in Denmark enhance collaboration in renewable energy, green technology, and digital infrastructure, aligning with both nations’ sustainable development goals. Their partnership, solidified by joint programs, underscores mutual economic interests and complementary strengths in green innovation and manufacturing.


As both countries share a commitment to sustainable development, China’s increasing investments in Denmark are driving innovation in renewable energy, green technology, and digital infrastructure. This partnership is further strengthened by Denmark’s expertise in wind energy and environmental solutions, aligning well with China’s goals to transition to a greener and more digitally advanced economy.

The growing trade and investment relationship between China and Denmark not only reflects mutual economic interests but also highlights the complementary strengths of each nation. Denmark’s high-tech manufacturing, environmental engineering, and green energy solutions are vital to meeting China’s evolving demands, while China’s large-scale market and industrial capacity offer vast opportunities for Danish enterprises. Together, these nations are paving the way for continued progress in sustainability, technological innovation, and economic growth.

In 2017, the two countries took a further step to solidify their relationship by establishing a Joint Work Programme for 2017-2020. The program acted as a blueprint for bilateral cooperation, encouraging strategic dialogues and joint ventures between the two nations in key areas such as trade, investment, environmental sustainability, and technology

The partnership was further reinforced in November 2021, when the Foreign Ministers of China and Denmark announced the commitment to a new phase of cooperation through the Green China-Denmark Joint Work Programme. The agreement emphasizes the acceleration of green technologies, renewable energy, positioning Denmark’s expertise in clean energy and green innovation as a crucial asset in China’s drive toward a greener economy.

Over the past five years, China’s exports to Denmark have shown consistent growth, further strengthening the economic ties between the two nations. This trend underscores their mutual commitment to expanding commercial relations and unlocking the potential for deeper cooperation.

China’s growing importance to Denmark, both as a market and as a supplier of production inputs, is evident in the economic integration over the last three decades. Today, China is Denmark’s fourth-largest export market, after the United States, Germany, and Sweden.


This article was first published by China Briefing , which is produced by Dezan Shira & Associates. The firm assists foreign investors throughout Asia from offices across the world, including in in ChinaHong KongVietnamSingapore, and India . Readers may write to info@dezshira.com for more support.

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Joe Biden in Africa: US president has ignored the continent for his entire term – why he’s visiting Angola

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Joe Biden, having largely overlooked Africa during his presidency, is visiting Angola to address key issues and strengthen diplomatic ties, signaling a renewed focus on the continent.

Joe Biden in Africa: US president has ignored the continent for his entire term – why he’s visiting Angola

This article is republished from The Conversation under a Creative Commons license. Read the original article.

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